Ask The Experts

Gazumping is a process where a seller accepts a higher offer from a buyer when they have already accepted an offer from another buyer. Although the process is not illegal, it can be hugely frustrating for those involved. As an agent, we have a duty to make the seller aware of any offers that are made on their property until an exchange of contracts takes place with a buyer.

Luckily in the UK and specifically around London, there is never really a bad time to sell your home. The demand for properties in and around London is always strong. Having said that, there are few seasonal factors that can reduce the quantity of potential buyers for certain types of home. For example, less families actively search for a home during summer school holidays and Christmas. Our best advice would be to chat with one of our sales team to discuss the target buyers for your home.

Stamp duty or “Stamp Duty Land Tax” to give it its full title, is a government imposed levy that applies to all buyers of property in the UK. There are some exemptions to this tax, most notably for first time buyers buying properties under £500,000 where the rate is 0% on the first £300,000, and 5% on the remainder up to a maximum of £500,000. For most other situations, if you are buying a residential property you need to pay it. The amount of tax paid is based on the purchase price and must be paid on completion. Find out what you’ll need to pay at: https://www.gov.uk/stamp-duty-land-tax/residential-property-rates

The other important point to remember is that the stamp duty cannot be included in your mortgage advance, so needs to be taken into account as part of your cash deposit and legal expenses.